In May 2022, Terraform Labs’ LUNA cryptocurrency and TerraUSD (UST) stablecoin collapsed, triggering a massive shock in the crypto industry. Six months later, the bruised industry took another hammering as one of the largest cryptocurrency exchanges, FTX, filed for bankruptcy protection and billions of dollars of user assets went missing. The FTX empire, once valued at more than $30 billion,…
On Dec. 9, 2022, Axios reporter Sara Fischer reported on the CEO of the crypto media The Block after it was discovered that the chief executive was secretly funded by Alameda Research, the now-defunct trading firm co-founded by Sam Bankman-Fried. According to the report, sources say The Block executive Michael McCaffrey received $16 million in one payment and used the…
Bitcoin (BTC) mining is the backbone of the BTC ecosystem and miners’ returns also provide insight into BTC’s price movements and the health of the wider crypto sector. It is well-documented that Bitcoin miners are struggling in the current bear market. Blockstream, a leading Bitcoin miner recently raised funds at a 70% discount. Current mining activity shares similarities to historic…
Digital asset exchange Crypto.com today released a proof of reserves study in support of its ability to cover client balances. In a Friday statement, the Singapore-based platform said it used international audit, tax and advisory firm Mazars to demonstrate—using “advanced cryptographic procedures”—the availability and backing of customer balances. Mazars released the study for Crypto.com on Friday. Earlier this week, Mazars…
Crypto price action has been rough over the past few months, but a few green shoots are finally beginning to emerge. While Bitcoin (BTC) remains in a downtrend, its price has recently found support at the $17,000 level, and ping-pong price action in the $16,700–$17,300 range appears to be allowing traders to pursue some interesting setups in a few altcoins.…
Institutional crypto trading platform FalconX disclosed in a company blog post today that 18% of its “unencumbered cash equivalents” remain locked on FTX. In the event of a worst case scenario, where none of the money can be recovered, FalconX said it has “decades of runway,” meaning that it has enough capital on hand to continue operating. The company has…
United States lawmakers have been pushing for certain witnesses — including Sam Bankman-Fried — to appear before committee hearings scheduled in December. Who should the crypto space expect to see testifying on the events leading to the downfall of FTX? On Dec. 9, Bankman-Fried, or SBF, said — under threat of a potential subpoena — that he was willing to…
Clay Robbins of Slow Ventures, Soona Amhaz of Volt Capital, Sarah Guo of Conviction and formerly Greylock, and Alex Strzesniewski of AngelBlock joined Decrypt’s Jason Nelson at 0xpo Summit in San Francisco on November 3 for an extensive panel on raising venture money even during Crypto Winter. Source: https://decrypt.co/videos/interviews/1mGyiVzj/raising-in-a-bear-market-slow-ventures-volt-capital-conviction-angelblock-at-0xpo-summit
Taproot support across the industry is still crawling one year after the Bitcoin soft fork, indicating a strong potential for innovation and broader adoption of Web3 solutions to be unlocked through the world’s largest cryptocurrency, sources told Cointelegraph. “Since early on, Satoshi predicted that layers being built on top of the Bitcoin blockchain would enable Bitcoin to move beyond being only…
Former FTX CEO Sam Bankman-Fried has deflected a lot of the allegations leveled at him since his resignation, but today pointedly said he did not target Terra or Tether’s stablecoins. “I made a lot of big mistakes this year. But this wasn’t one of them,” Bankman-Fried wrote on Twitter early Friday morning. “There’s no evidence, because it didn’t happen. Please,…
